GameStop CEO Ryan Cohen hikes his personal stake in Alibaba to $1 billion, the WSJ says

GameStop CEO Ryan Cohen hikes his personal stake in Alibaba to  billion, the WSJ says


GameStop Chairman Ryan Cohen.
CNBC

GameStop CEO and billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba to roughly 7 million shares worth about $1 billion, the Wall Street Journal reported Thursday.

Citing people familiar with the matter, the Journal said the sizable stake in Alibaba is a bullish bet on China’s economic growth in the long run.

Cohen wasn’t immediately available when CNBC reached out for comment.

The news came after the Chinese titan posted a sharp profit hike in the December quarter amid strength in its Cloud Intelligence unit and e-commerce segment. Shares of Alibaba surged 8.1% Thursday.

In 2023, the investor urged Alibaba to increase buybacks as he believed the stock was severely undervalued, the Journal said.

Alibaba’s outspoken founder Jack Ma, who has largely kept out of the public eye since 2020, was among the entrepreneurs who attended a rare closed-door meeting headed by Chinese President Xi Jinping on Monday, during which the Beijing leader urged private businesses to “show their talents” and strengthen their confidence in a “new era” for their activity.

Cohen became CEO of meme stock GameStop after his involvement in the video game retailer partly triggered a historic trading mania on Wall Street in 2021. The investor, who co-founded Chewy, has been leading a turnaround in the brick-and-mortar retailer over the past few years.

Under Cohen’s leadership, GameStop has focused on cutting costs and streamlining operations to ensure the business is profitable even though it is not growing. Earlier this month, CNBC reported GameStop was considering investing in bitcoin and other cryptocurrencies.

— Click here to read the WSJ story.

Don’t miss these insights from CNBC PRO

  • Don’t expect a 20% S&P 500 three-peat this year, Wells Fargo says
  • BlackRock’s Rick Rieder thinks this corner of the bond market is too cheap to ignore
  • The ‘clock is ticking’ on stalled stock market to make a move or break down, says chart analyst
  • Analysts speculate selling by Buffett could be behind recent Bank of America weakness
  • JPMorgan manager says his $39 billion ETF can profit from volatility in 2025 — and it yields 7%



Source

JPMorgan hired NOAA’s chief scientist to advise clients on navigating climate change
Finance

JPMorgan hired NOAA’s chief scientist to advise clients on navigating climate change

Key Points Sarah Kapnick started her career in 2004 as an investment banking analyst, but was struck by how little climate change was being factored into financial decision making. She later became the chief science officer at the National Oceanic and Atmospheric Administration (NOAA) Last year, JPMorgan hired Kapnick back into banking, where she’s advising […]

Read More
Daniel Loeb’s next task as his hedge fund turns 30: Avoiding becoming ‘AI roadkill’
Finance

Daniel Loeb’s next task as his hedge fund turns 30: Avoiding becoming ‘AI roadkill’

Daniel Loeb has found himself a new goal as his hedge fund Third Point entered its milestone 30th year: To be a true winner in the red-hot artificial intelligence boom and not run over by it. “Change is happening at an ever accelerating and increasing rate and it’s just going to require us to continue […]

Read More
Stocks making the biggest moves midday: Costco, Palantir, Gap, Ulta Beauty and more
Finance

Stocks making the biggest moves midday: Costco, Palantir, Gap, Ulta Beauty and more

Check out the companies making headlines in midday trading: Costco — The wholesaler gained more than 3% on fiscal third-quarter results that surpassed analysts’ estimates, while sales jumped 8% from the same period a year ago. Ulta Beauty — Shares of the beauty retailer skyrocketed nearly 13% to hit a 52-week high after the company […]

Read More